New Funding Opportunity For PropelICT Grads

From PropelICT:

As Atlantic Canada’s startup accelerator, Propel ICT is helping to expand our startup economy. We know that technology startups have the power to become a key economic driver for our region, and we believe that Atlantic Canada can lead the way for the whole country in developing this economy as a real engine of job creation and innovation for the 21st century.

So we’re very pleased to announce that the New Brunswick Innovation Foundation (NBIF) and Nova Scotia’s Innovacorp are both offering significant new funding opportunities for Propel graduates based in these provinces.

New Brunswick and Nova Scotia founders completing our Launch and Build programs will now be eligible to apply for up to $100,000 in investment from these agencies. Successful applicants will receive the funding in the form of a Convertible Note, a form of lending that may be exchanged for equity investment in the startup.

The President and CEO of the New Brunswick Innovation Foundation, Calvin Milbury says NBIF’s new partnership with Propel will enable ongoing investment in the province’s most promising companies.

« Propel ICT has proven itself as one of Canada’s top accelerators. We have invested in Propel ICT graduates from New Brunswick previously, and this partnership paves the way for more investments in the future. »

Companies headquartered in New Brunswick will be eligible for investment of up to $100,000 from NBIF after completing either the Launch or Build programs. Innovacorp will give companies headquartered in Nova Scotia the chance to apply for up to $50,000 in funding following successful completion of the Launch program, and up to $100,000 after graduating from Propel’s Build program.

« Propel ICT helps smart Nova Scotia entrepreneurs with good ideas build successful businesses. Some of Nova Scotia’s most promising startups have come out of its programs and we expect to see more, » says Charley Baxter, Vice President of Investment at Nova Scotia’s Innovacorp.

Propel ICT CEO Gary Dinn sees the establishment of these funding opportunities as a great contribution to the momentum that’s building in the East Coast startup scene.

« Atlantic Canada is building a growing ecosystem that supports the formation and growth of startup companies. With this announcement, we make that environment even stronger with increased access to early stage venture capital. »

These opportunities will be offered in addition to the existing $15,000 Futurpreneur Loan open to Launch graduates, and the $150,000 Convertible Note funding that graduates of Build can apply for.

With great funding opportunities like these available to graduates, the future looks promising for the next cohort of Propel ICT participants.